Connect with us

Economy

PM says economy is top priority in address to the nation

Maya Taylor

Published 

 on 

PM says economy is top priority in address to the nation | The Thaiger
PHOTO: kaohoon.com
  • follow us in feedly

Thai PM Prayut Chan-o-cha says reviving the country’s economy is the top priority of his administration. In an address to the nation, he says the current global economic crisis, a fallout of the Covid-19 pandemic, is likely to continue until the end of 2021, with Thailand’s economic performance inevitably connected to that of the rest of the world. He points out that only when the economies of other countries start to bounce back, can Thailand’s do the same.

He says his administration is now focused on getting the country back on its feet and ready to thrive once the worst of the pandemic is over. He adds that for this reason, he has invited outsiders with the necessary knowledge and expertise to join his cabinet. In introducing the new ministers, he says the recruits are from a cross-sector selection of society, who will work with him on a programme he’s calling, “Thais Unite to Build the Nation.”

The PM adds that he plans to meet with all sectors and offer them an opportunity to share how they believe the government should help them. He adds that he hopes to see Thai people of all political beliefs come together, setting aside partisan differences, and uniting to help the country.

“This us and them mentality should not exist in the present world. We must look forward to the future. The future is for people who are now 15, 20 or 30 years old. The most important thing today is social justice and equality under the law. We must stay above politics, because there are things which are more important waiting ahead of us. That is how to survive, how to help millions of people who are suffering from the Covid pandemic.”

To underline this idea, he points to the country’s apparent success in controlling the Covid-19 virus, saying this is largely due to everyone working together. The PM says if the Thai people can do the same during the current economic challenges, the country will prosper once more.

SOURCE: Thai PBS World

Keep in contact with The Thaiger by following our Facebook page.
Never miss out on future posts by following The Thaiger.
3 Comments

3 Comments

  1. Avatar

    Bobby m

    August 14, 2020 at 1:23 pm

    Zero chance of that happening then, the way Thailand have snubbed the rest of the world.

    Other countries have started their economic recovery, yes most of the world are in recession, but recovery has started and green shoots are visible, sadly not in Thailand because you refuse to accept life has to continue. The virus is not going away and it’s a risk we have to learn to live with and control, the best we can.

    Its a risk like any other. Get on with life.

  2. Avatar

    Perceville Smithers

    August 14, 2020 at 3:13 pm

    I commented in another article a few days ago that there needs to be a diverse team put together to get things going.

  3. Avatar

    Toby Andrews

    August 15, 2020 at 3:52 pm

    He wants to help millions of people who are suffering from the covid virus.
    You mean the citizens of Thailand who have no work because tourists are not allowed in, and expats who spend money are being forced to leave?
    You mean the construction that has stopped because investors are considering pulling out?
    It must be because there is hardly a dozen that have the virus, and there has been no deaths for months.
    You want to help. RESIGN! You are causing the suffering.

Leave a Reply

Your email address will not be published. Required fields are marked *

A seasoned writer, with a degree in Creative Writing. Over ten years' experience in producing blog and magazine articles, news reports and website content.

Economy

Vietnam’s booming manufacturing sector reduced to a trickle as world pandemic kills demand

The Thaiger

Published

on

Vietnam’s booming manufacturing sector reduced to a trickle as world pandemic kills demand | The Thaiger

Vietnamese finance officials are downgrading expectations for a recovery of the south east Asian nation’s economy in 2021. The normally fast-growing gross domestic product in 2020 has stalled due to a huge drop in local and global demand, and the absence of international tourism. The booming economy, growing at an average of 6% per year since 2012, will struggle to reach a growth rate of 2% this year.

Fuelled by manufactured exports, the Vietnam economy has dropped back to a trickle. The Asian Development Bank estimates that this year’s GDP growth could be as low as 1.8%. The Vietnamese factories, that usually crank out shoes, garments, furniture and cheap electronics, are seeing dropping demand as the world’s consumer confidence drops dramatically.

Stay-at-home rules in Europe and America are keeping are keeping people away from retail stores. And despite the acceleration of online retail, many of the consumers are emerging from the Covid Spring and Summer with vastly reduced spending power.

The headaches of 2020 are also challenging Vietnam to maintain its reputation as south east Asia’s manufacturing hotspot. Rising costs and xenophobic foreign policy have put China ‘on the nose’ with some governments, complicating factory work in China, whilst other south east Asian countries lack infrastructure and are incurring higher wage costs.

One Vietnamese factory operated by Taiwan-based Pou Chen Group, which produces footwear for top international brands, has laid off 150 workers earlier this year. There are hundreds more examples of the impact of falling demand in the bustling Vietnamese manufacturing economy.

Vietnam’s border closure is also preventing investors from making trips, setting up meetings and pushing projects forward. Those projects in turn create jobs, fostering Vietnam’s growing middle class. Tourism has also been badly affected by the restrictions on travel. “International tourism is dead,” says Jack Nguyen, a partner at Mazars in Ho Chi Minh City.

“Inbound tourism usually makes up 6% of the economy.”

“Things will only pick up only when the borders are open and there’s no quarantine requirements. Who knows when that’s going to be.”

A mid-year COVID-19 outbreak in the coastal resort city Danang followed by the start of the school year has reduced domestic travel, analysts say. Some of the country’s hotels are up for sale as a result.

“Recovery could take 4 years.”

The Vietnamese Ministry of Planning and Investment is now warning that global post-pandemic recovery could take as long as 4 years, perhaps more.

Not that foreign investors in the country are pulling out. Indeed, many are tainge a long-term view that Vietnam’s underlying strengths will outlive Covid-19. Vietnam reports just 1,069 coronavirus cases overall.

SOURCE: VOA News

Keep in contact with The Thaiger by following our Facebook page.
Never miss out on future posts by following The Thaiger.
Continue Reading

Thailand

Government to stir economy with 100 billion baht stimulus starting in October

The Thaiger & The Nation

Published

on

Government to stir economy with 100 billion baht stimulus starting in October | The Thaiger

The Thai Government is expected to stimulate the economy with 100 billion baht boost starting in October until the end of the year. The injection will reportedly come from both the people’s and the government’s spending under three stimulus measures according to the Deputy PM Supattanapong Punmeechaow.

The first measure will reportedly give 14 million welfare cardholders an extra 500 baht discount over the next 3 months on their shopping with the budget for this measure totalling 21 billion baht. The second measure, dubbed “Kon La Khreung” or Let’s Go Halves, will give 10 million people up to 100 baht discounts daily on beverages and household essentials with the subsidy being capped at 3,000 baht per person. The scheme will not, however, include such things as alcohol, tobacco or lottery tickets.

The third measure is aimed at wealthier Thais as tax incentives and will be offered in an effort to encourage them to spend more as consumers. The Cabinet has also approved a measure to pay 260,000 new graduates half of their salary to help the private sector. That budget is reportedly totaling 19.5 billion baht.

Supattanapong also predicts the economy will improve next year but warns it could take 2 years before the nation’s economic growth returns to the pre-Covid level. He says the country’s current budget is sufficient to boost the economy unless there is a second wave of Covid.

“But in the event that there is a second wave, the government is prepared to borrow more as its national debt is quite low compared to other countries. However the government is being cautious so it can remain financially healthy in the post-Covid era.”

SOURCE: Nation Thailand

Keep in contact with The Thaiger by following our Facebook page.
Never miss out on future posts by following The Thaiger.
Continue Reading

Economy

Deputy PM says 2 years until Thailand’s economy is back to normal

Caitlin Ashworth

Published

on

Deputy PM says 2 years until Thailand’s economy is back to normal | The Thaiger
PHOTO: MGR Online

It’s going to be another 2 years until Thailand’s economy is back on track, according to Deputy PM Supattanapong Punmeechaow. At least that’s the amount of time he expects it will take to get the economy back to “normal levels” from before the coronavirus pandemic.

The coronavirus crisis crippled economies across the globe. The Covid-19 pandemic is already the worst global crisis since World War II, according to a report by the UN. Thailand’s tourism-dependant economy has been struggling since the country shut it’s doors to international travel. Krungthai Bank also predicts it will take about 2 to 3 years for Thailand’s economy to recover and the Finance Ministry predicts Thailand’s economy will contract by a record of 8.5% this year.

Almost 800 billion baht has gone into supporting the economy, Supattanapong says, adding that the government plans to do more stimulus perks to help boost the economy. The government is working on a 1.9 trillion baht response package with a 1 trillion baht borrowing plan.

Supattanapong’s guesses are based on the pandemic situation not getting any worse, whilst the world’s Covid cases, in many part of the world, including many of Thailand’s feeder markets, are suffering a new spike in cases. His assumptions would also have to include an immediate return to high profit of the country’s tourism industry – not likely to happen any time soon.

“I think the economy should get back to normal levels within two years… But if we can manage it very well, we may see that late next year.”

While Thailand’s economy as a whole might take just 2 years to get back to normal, the country’s tourism revenue is expected to take even longer. Krungthai COMPASS Research Centre predicts it will be at least 3 to 4 years until tourism revenue is back to normal. Thailand’s tourism revenue is expected to shrink by 70% by the end of this year, making only 9.1 billion baht compared to the 3.02 trillion baht tourism brought in last year.

SOURCE: Bangkok Post

Catch up with the latest daily “Thailand News Today” here on The Thaiger.

Keep in contact with The Thaiger by following our Facebook page.
Never miss out on future posts by following The Thaiger.
Continue Reading
Follow The Thaiger by email:

Trending